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Q1 2016 Company Results – Rosneft Oil Company

Rosneft Oil Company · Jun 8, 2016 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2016 Company Results – Rosneft Oil Company – slide 1
    Rosneft Oil Company IFRS Results Q1 2016 June 8, 2016
  2. Q1 2016 Company Results – Rosneft Oil Company – slide 2
    Overview of Key Developments Macroeconomic environment1 Indicator Q1 2016 Q4 2015 % Q1 2016 Q1 2015 % Urals, /bbl 32.2 41.9 (23.3)% 32.2 52.8 (39.1)% Urals, th. RUB/bbl 2.40 2.76 (13.2)% 2.40 3.28 (26.9)% Naphtha, th. RUB/t 22.8 26.1…
  3. Q1 2016 Company Results – Rosneft Oil Company – slide 3
    Key Operating Indicators Indicator Q1 2016 Q4 2015 % Q1 2016 Q1 2015 % Hydrocarbon production, incl. 5,208 5,207 - 5,208 5,200 0.2% kboed Crude oil and NGL, 4,089 4,107 (0.4)% 4,089 4,131 (1.0)% kbpd Gas, 1,119 1,100 1.7%…
  4. Q1 2016 Company Results – Rosneft Oil Company – slide 4
    Key Financial Indicators (RUB bln) Indicator Q1 2016 Q4 2015 % Q1 2016 Q1 2015 % Revenue, 1,048 1,196 (12.4)% 1,048 1,321 (20.7)% RUB bln EBITDA, 273 278 (1.8)% 273 319 (14.4)% RUB bln Net profit attributable to shareholders 14 53…
  5. Q1 2016 Company Results – Rosneft Oil Company – slide 5
    Key Financial Indicators ( bln) Indicator Q1 2016 Q4 2015 % Q1 2016 Q1 2015 % Revenue, 14.5 18.6 (22.0)% 14.5 21.5 (32.6)% bln EBITDA, 3.7 4.3 (14.0)% 3.7 5.0 (26.0)% bln Net profit attributable to shareholders 0.2 0.8 (75.0)% 0.2…
  6. Q1 2016 Company Results – Rosneft Oil Company – slide 6
    Operating Results
  7. Q1 2016 Company Results – Rosneft Oil Company – slide 7
    Development Drilling Drilling footage Key achievements for Q1 2016 th. m 52% increase in development drilling YoY 50% share of in-house service in total drilling volumes Record high number of new oil wells completion (542). Delivery…
  8. Q1 2016 Company Results – Rosneft Oil Company – slide 8
    Hydrocarbon Production kboed +0.2% (12) 50 (37) (22) (6) 9 (10) 14 25 (6) (5) (4) 12 5,200 5,208 Brownfields: Greenfields: -81 kbpd; -1.6% +39 kbpd; +0.8% Q1 2015 Yugansk Orenburg Samotlor Purneftegaz Nyagan Slavneft…
  9. Q1 2016 Company Results – Rosneft Oil Company – slide 9
    Progress in Key Projects in NAO Labagan Naul Commercial production started in 3Q 2015 Commercial production to start in Q3 2016 Avarage daily production 2.5 ktpd 2016 construction facilities: 2 pads with utilties, pressure pipeline…
  10. Q1 2016 Company Results – Rosneft Oil Company – slide 10
    Progress in Key Projects in YANAO and North of Krasnoyarsk Region Suzun East Messoyakha1 Field development in 2 stages: Field to be brought into development in Q4 2016 Stage 1 - delivery of the key oil treatment and Production growth…
  11. Q1 2016 Company Results – Rosneft Oil Company – slide 11
    Upstream Portfolio Optimization Russkoe Vankor Bringing partners to the existing projects Sale of up to 49% stake Partner: ONGC (15%, up to 26%), group of Indian Vankor companies (up to 23.9%) - Deal on the sale of 15% stake to…
  12. Q1 2016 Company Results – Rosneft Oil Company – slide 12
    Acquisition of a 23.33% Stake in Petromonagas Petromonagas Indicator Value1 136 mmt of oil 2P reserves 12.4 bcm of gas Venezuela Guyana 20.8 ktpd Oil production up to 22.7 ktpd by 2019 Guiana Colombia upgrader Surinam…
  13. Q1 2016 Company Results – Rosneft Oil Company – slide 13
    Gas Business: organic production growth and efficient monetization Key achievements for Q1 2016 Gas production 6% increase in gas production, mainly as a result of bcm gas treatment units launch, including trial run, at 16.72 Rospan…
  14. Q1 2016 Company Results – Rosneft Oil Company – slide 14
    Refining: conversion to Euro-5 product quality Processing and production of motor fuels Key achievements for Q1 2016 Refining throughput in Russia Euro 4/5 4/5 ,% gasoline share,% Light product yield in Q1 2016 increased to…
  15. Q1 2016 Company Results – Rosneft Oil Company – slide 15
    Crude Oil and Petroleum Products Sales Netbacks of the main oil monetization channels Oil monetization structure (Q1 2016) Refining Domestic market Export Refining capacity utilization rate .0 100% 89% 88% 88% 90% 87% 85% 87% 39%…
  16. Q1 2016 Company Results – Rosneft Oil Company – slide 16
    Financial Results
  17. Q1 2016 Company Results – Rosneft Oil Company – slide 17
    Revenue Q1 2016 vs Q4 2015 RUB bln External factors: Company controlled factors: RUB -159 bln; -13% RUB +37 bln; +3% 104 (258) (7) 2 27 7 3 (26)1 1,196 1,048 Q4 2015 Exchange rate Crude oil price Exchange rate effects…
  18. Q1 2016 Company Results – Rosneft Oil Company – slide 18
    Operating Costs Dynamics Lifting costs Refining costs in Russia RUB/boe RUB/boe 200 Costs 60% 180 Costs 60% Average LTM Average LTM % YoY % YoY 159 142 150 165 40% 153 150 157 158 156 155 40% 120 134 133 121 24.0% 19.8% 20.9%…
  19. Q1 2016 Company Results – Rosneft Oil Company – slide 19
    EBITDA & Net Income EBITDA Q1 2016 vs Q4 2015 RUB bln Company controlled and seasonal factors: RUB +43 bln; +15% 52 (86) 2 8 24 (30) 5 9 8 5 (8) 6 278 273 External factors: RUB -48 bln; -17% Q4 2015 Exchange rate Crude…
  20. Q1 2016 Company Results – Rosneft Oil Company – slide 20
    CAPEX CAPEX and production RUB bln kboed 20% increase of Q1 2016 CAPEX (as compared top 5,600 Q1 2015) towards strategic goals on hydrocarbon 900 production growth implementation: 4,200 52% increase in development drilling 595 600…
  21. Q1 2016 Company Results – Rosneft Oil Company – slide 21
    Free Cash Flow Free cash flow RUB bln Full year Due to challenging macro and CAPEX increase Q1 657 2016 free cash flow decreased by 43% to RUB 80 bln 3 months 596 With 3.2 /boe Rosneft is a global leader in terms of free cash…
  22. Q1 2016 Company Results – Rosneft Oil Company – slide 22
    Financial Stability Debt and net debt dynamics bln1 80 1.7 1,7 1.8 Credit portfolio management: 70 1.6 During 2015 gross debt decreased by 24.6%, net 60 1,2 1,2 1.4 debt by 47.0% 1,1 1.2 50 12.7 14.4 1.0 In Q1 2016 gross debt…
  23. Q1 2016 Company Results – Rosneft Oil Company – slide 23
    Appendix
  24. Q1 2016 Company Results – Rosneft Oil Company – slide 24
    Revenues Q1 2016 vs Q1 2015 RUB bln External factors: Company controlled factors: RUB -308 bln; -24% RUB +35 bln; +3% 145 (439) (14) 24 10 1 1,321 1,048 Q1 2015 Exchange rate Crude oil price Exchange rate effects Volume…
  25. Q1 2016 Company Results – Rosneft Oil Company – slide 25
    Costs Dynamics Q1 2016 vs Q1 2015 Lifting costs Planned reduction of wellwork as well as oilwell and RUB bln power equipment maintenance costs with drilling program expansion (1) 3 (3) 1 From April 1, 2015, wages of subsidiaries…
  26. Q1 2016 Company Results – Rosneft Oil Company – slide 26
    EBITDA & Net Income EBITDA Q1 2016 vs Q1 2015 RUB bln External factors: Company controlled factors: RUB -28 bln; -9% RUB -18 bln; -5% 72 (110) 41 (22) (9) (2) (5) (12) 1 319 273 Q1 2015 Exchange rate Crude oil price Export…
  27. Q1 2016 Company Results – Rosneft Oil Company – slide 27
    FX Exchange Risk Hedge Q1 2016, RUB bln Before tax Income tax Net of income tax Recognized as a part of other (590) 118 (472) comprehensive income/(loss) as for Dec 31, 2015 Exchange gains/(losses) for the period Recognized in…
  28. Q1 2016 Company Results – Rosneft Oil Company – slide 28
    Adjusted Operating Cash Flow Calculation Profit and loss statement Cash flow statement Q1 2016 Q1 2016 Indicator Indicator bln bln 0.2 Net income 1 1 Revenues, incl. 14.5 Adjustments to reconcile net income 2.7 to net cash…
  29. Q1 2016 Company Results – Rosneft Oil Company – slide 29
    Export Duty Lag RUB bln (43) 23 (62) (31) (14) 362 351 359 319 328 297 309 278 287 273 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Normalized EBITDA Actual EBITDA Note: Export duty lag represented above should be treated separately from…
  30. Q1 2016 Company Results – Rosneft Oil Company – slide 30
    Financial Costs, RUB bln Indicator Q1 2016 Q4 2015 % Q1 2016 Q1 2015 % 1. Interest accrued1 36 32 12.5% 36 41 (12.2%) 2. Interest paid 42 31 35.5% 42 44 (4.5%) 3. Change in interest payable (1-2) (6) 1 (6) (3) 4. Interest…
  31. Q1 2016 Company Results – Rosneft Oil Company – slide 31
    EBITDA and Net Profit Sensitivity Urals price Exchange rate RUB bln -7.9 /bbl + 7.9 /bbl RUB bln -4.6 RUB/ +4.6 RUB/ EBITDA EBITDA (64) 64 (33) 33 Net profit Net profit (51) 51 (26) 26 Average Urals price in Q1 2016…

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